Exactech revenues up 8 percent in 2011

Exactech Inc. reported 2011 revenues of $205.4 million, an 8 percent increase from $190.5 million in 2010 on the strength of sales in Spain and Japan.

By Anthony ClarkBusiness editor

Exactech Inc. reported 2011 revenues of $205.4 million, an 8 percent increase from $190.5 million in 2010 on the strength of sales in Spain and Japan.

U.S. sales increased 1 percent to $133 million while international sales grew 24 percent to $72.4 million, as international sales grew from 31 to 35 percent of total revenues, the company reported Tuesday.

Net income for 2011 was $8.8 million for diluted earnings per share of $0.67 compared to 2010 net income of $10.5 million and earnings per share of $0.80.

Fourth-quarter earnings were $53.1 million, up 2 percent from the fourth quarter of 2010. Net income was $1.8 million for earnings of $0.14 per share compared to fourth-quarter 2010 totals of $2.7 million and $0.21.

Exactech is based in Gainesville and produces bone and joint implants. The company trades on the Nasdaq stock exchange under the ticker symbol EXAC. On Monday, Exactech announced that it has entered a credit agreement with a syndicate of banks that provides a $30 million term loan and $70 million revolving credit line that matures in 2017 to position the company for growth over the next five years.